All Forum Posts by: Cuong Le

hi @Donovan Richard and welcome to the BP nation! Originally from Dallas so I know you will be in good hands up there. Podcast 37 is awesome so be sure to listen to that if you have not already done so. Also, be sure to have your why written down to get you through. Be engaged and have fun with this. See you around.

hi @Mukul Lalchandani and welcome to BP! If you haven't already done so, start listening to the podcast. #37 is a great one for newbies like myself. Hope to see you around.

hi @Jake Toney and welcome to BP. Your contractor and investing background will serve you well and help a lot of us newbies. Glad you joined and hope to see you around.

Hi @Brittany Euwema and welcome to BP! I'd begin with BP's Ultimate Beginners Guide as well as listen to all the podcast. Perfect for the drive to and from work, the podcast covers so many topics and you get so many nuggets that it is unbelievable.

Also, make sure to have your why written down since this will push you through any difficulties. Stay engaged on the forums and post your questions when ever you have it. Best of luck to you and look forward to hearing many of your success stories!

Hi @Barrett Richie and congrats on your first purchase! Very exciting! The tried and true method we've always used is the "For Rent" sign and phone number. If you haven't already done so, setup your Google voice number so messages can go into your inbox in case you can't pick it. There are some blogs on BP about this which you can look into more.

Also, take lots of clean, clear pictures of the property so you can post them on Craigslist (which is free and will need to refresh every week so it can stay toward the top) and Postlets. Postlets is free and will syndicate your ad to other real estate venues like zillow, trulia, social media and more.

Honestly, this should be all you need if your property is clean, functional and priced at or below market. If you don't get any calls or very little the first week, your price is too high. Drive around and call other for rent signs if any to get a feel of the price or ask your agent to get recent rent comps within your area.

We don't do Section 8 but there should be a local housing authority that processes section 8 application/checks, etc. Good luck and let us know when you've rented it out.

If you are in a flood zone, check to see if the required flood policy will work with your numbers before you close on the property. Otherwise, we don't get it.

We do tile and same paint in all of our properties so if there is water damage, we could use what we would have paid toward the elective flood premium toward sheet rock, carpet and paint which are all inexpensive.

If you set aside repair/maintenance fund from your cash flow (which you should anyways), that will help offset the costs as well. It really depends on your risk tolerance and whether it makes sense for your area.

From one Houstonian to another, welcome @George Adebayo to BP! Get engaged and jump into this full force. Listen to the podcast and read the ultimate beginner's guide so you will have a solid base to start from.

If you haven't already done so, write down your why because this will drive you to be persistent and consistent. Look forward to hearing all of your success stories.

Hi @Darien Gipson and welcome to BP! That is great that you are engaging yourself whole heartily on this site and encourage you to continue. Be sure to go through the ultimate beginners guide and your why written down. This will help you be persistent and consistent. See you around!

There are no right or wrong answers here. Some tenants requested for online payments since it's more convenient for them so we did. We have some tenants where they prefer mailing in their check which is fine too. What ever makes it easy for the them should be the focus.

If most of your tenants don't have bank accounts, it won't matter that you setup an online payment. Yet if your tenants can and are willing, why not make it easier for them and for you by offering online payments.

I haven't used this technique but if you open a "dummy" bank account, tenants can deposit their rents into that account directly. No worries about tenants setting up anything and no excuse that their rent check "got lost". They can go to the bank any where near them and their deposit receipt is their payment receipt.

Winters are not that bad here in Texas but what Dawn said is true. Work slows down a bit during the winter months and contractors sometime will lower their price to get the job.

The other thing to think about is getting tenants/buyers during the winter months. People tend to move less during this time and it may take a bit longer. Yet, if you have the right product at the right price, you will find a tenant/buyer. People's situation change all the time all year (ie jobs, family, etc) so you'll find someone.